El Salvador buys bitcoin drops and adds 500 coins to its balance

El Salvador just add another $15.5 million in bitcoins to its balance sheet as the world’s most popular cryptocurrency continues to be sold.

In a tweet on Monday, President Naib Bukele revealed. That the country had bought the drop by adding another 500 bitcoins to the treasury.

This is El Salvador’s biggest coin purchase since it first added the digital currency to its balance sheet in September 2021 the same month. That the country became the first country to adopt bitcoin as legal tender alongside the United States dollar.

Bitcoin is down more than 8% in the last 24 hours and nearly 55% from a record high hit in November.

According to the president’s tweet, El Salvador buys bitcoin at an average price of $30,744.

According to data tracked by Bloomberg, the country’s total reserves are as high as 2,301 bitcoins. Or about $71.7 million at current prices.

It is the latest in a string of buying lower over the past nine months as President Bukele. Who attributes his political fortune to the country’s bitcoin experiment – ​​doubled his stakes on bitcoin as the crypto market collapsed.

The country’s decision to bet on Bitcoin is not, without a doubt a contingent that has been gaining momentum in recent months.

For months, the International Monetary Fund has complained about Bukele’s Bitcoin experiments.

In January, the IMF forced El Salvador to abandon bitcoin as a legal tender.

The IMF director stress that there are substantial risks associated with using Bitcoin for financial stability. Financial integrity. Consumer protection, and related tax contingencies.

The report, which was release following bilateral talks with El Salvador. Further urges the authorities to narrow the scope of their Bitcoin Law by removing Bitcoin’s status as legal money.